Nirmal Lifestyles, Accor to develop 5 hotels

Mumbai, Nov 28 (UNI) Nirmal Lifestyles, one of the leading real estate groups in the city, today signed a management agreement with Accor, one of the world's largest operators of hotels, to develop and operate India's single largest hospitality project in the eastern suburb of Mulund.

Addressing a news conference here, Nirmal Lifestyles chairman and managing director Dharmesh Jain said the project involving an investment of Rs 1,000 crore (US 220 million dollars) will be completed by 2010.

Replying to a question on funding, he said ''as the project is scheduled to complete by 2010, we will think of IPO at that time.'' The project envisages two Sofitel hotels with 250 and 200 rooms each, a Novotel hotel with 250 rooms, a ''Grand Mercure Residences'' serviced apartment product with 180 units, and an Ibis hotel with 200 rooms, Mr Jain said, adding that there would be a state-of-the-art convention centre with a capacity of 5,000 people.

The Sofitel hotels have been planned by renowned architect Hafeez Contractor, while other features of the hotel complex will be its proximity to a shopping mall and entertainment complex of over 3 million sq ft, parking for over 2500 cars and a rooftop landscaped garden measuring over 7 acres, he said.

Placed strategically between Thane and Navi Mumbai, Mr Jain said the tri suburb region is slated to become one mega urban agglomeration in the medium term, adjacent to the large special economic zone (SEZ) planned in the area.

UNI SN SSS AW1801